This thread was kind of inspired by this thread but I hope I don't stop anyone helping him with his problem.

I have a working PS3 slim (old slim) 160Gb modelI want to upgrade the hard drive to say, 500Gb model

Is it just a case of inserting the new hdd into the console, formatting within the console as well and then putting the old hdd into a caddy and copying the saves back across to get me back to the same state I was in before?

Is there any other way to get everything back (I want to include my digital copies of games, such as bulletstorm for example to save downloading them again, and all my singstar songs) ?